Invictus auditor finds no misstatements, flags going concern risk

By ETimes

HARARE – INVICTUS Energy Ltd’s auditor said it found no evidence of material misstatements in the firm’s half-year accounts, while warning of uncertainty over its ability to continue operating.

The independent reviewer said it had “not become aware of any matter” suggesting the financial report fails to comply with the Corporations Act or does not give “a true and fair view” of the group’s financial position for the period ended 31 December 2025.

However, the auditor flagged risks to the company’s outlook.

“We draw attention to Note 1 in the financial report which describes the events and or conditions which give rise to the existence of a material uncertainty that may cast significant doubt about the group’s ability to continue as a going concern and therefore the group may be unable to realise its assets and discharge its liabilities in the normal course of business.

“Our conclusion is not modified in respect of this matter,” BDO Audit Pty Ltd stated in its review report.

Operationally, the company reported a wider net loss of A$4.23 million for the half-year up from A$3.32 million a year earlier, while cash reserves fell to A$4.51 million from A$8.68 million at the start of the period, reflecting continued spending on exploration activities.

Key project milestones included securing National Project Status for the Cabora Bassa project, renewing exploration licences and advancing drilling and appraisal plans, though the company continues to rely on future funding to sustain operations.

The auditor noted its review was limited in scope and “substantially less in scope than an audit” meaning it does not provide the same level of assurance.